HIGH-PERFORMING restaurant/bar Streetcorner Jimmy in Teneriffe’s iconic London Woolstore has sold under the hammer for $1,340,000 at 36i Vernon Terrace.
The high-profile asset comprised 141sq m* internal and 74sq m* undercover outdoor area, and was on the most prominent corner of Teneriffe, that was known as Queensland’s most affluent suburb.
The successful auction campaign was led by Ray White Commercial Queensland Investment Sales Michael Feltoe.
Mr Feltoe said there was strong interest in the property throughout the campaign and it attracted enquiries from a range of different investor profiles.
“We had more than 65 people enquire about the asset and that culminated in three registered bidders battling it out on the day,” Mr Feltoe said.
“The bidding started at $1,000,000 and it took another seven bids before climbing to the final sale price of $1,340,000.
“The sale reflected a net yield of approximately 7.3 per cent, which is very similar to the yield achieved in 2018, when we sold the Dalgety Bar at 8&9/110 Macquarie Street in Teneriffe.
“Fundamentally, the investment ticked all the boxes, an unrivalled corner location in a high-traffic area and a landlord friendly lease to a high-quality tenant, who’s performing exceptionally well.
“The venue is a 140-seat restaurant/bar that’s recently undergone a tenant funded internal refurbishment that created a rustic, urban space by restoring the unique character features of the building, with complementing modern elements.
“The asset offered a five-year net lease with fixed four per cent annual increases to an experienced operator who has developed a terrific reputation for being the go-to local venue.
“The property has a 215sq m* building area, including 141sq m* internal and 74sq m* undercover outdoor dining area, and also has a secure park within the building’s parking facility.”